Real Estate Owned Appraisals in Spokane CountyHouses in foreclosure and homes that have reverted to the bank's control bring forth special appraisal challenges.
For a property in foreclosure, you need to recognize the difference between market and a "quick disposition" value to know your potential charge-off liability. Hearthstone Appraisal has the experience in both providing snapshots of market value for our mortgage servicing clients, in addition to "quick sale" forecasts that understand your urgency.
Owners of property in foreclosure could be unwilling to allow an inspection of the home, thus presenting special challenges. Sometimes the subjects show signs of vandalism, often at the hands of the residents. Or, it's likely you'll discover the families have moved out or the home languishing in disrepair for extended periods of time.
For a home that has returned to REO, you typically will want it off your hands as quickly as possible. Regardless, you'll still want to consider three angles for looking at the value of the real estate at hand: